the result, markets that don't quite know what to make of janet yellin's fed. >>> cautionary tale. the s.e.c. suspends trading in a $35 billion company that swims with the penny stock sharks. it's got no revenue, a really funky name, and an advisory board an so why didn't the s.e.c. act sooner and how can you protect yourself? >>> hot wheels. the unlikely automaker that's growg sales twice as fast as the industry overall. those stories and more tonight for "nightly business report," on wednesday, august 17th. >>> good evening, everyone, and welcome. a house divided. that is the unmistakable conclusion to be drawn from today's release of the minutes of the latest meeting of federal reserve policy makers last month. several members of the interest rate setting open market committee felt an urgent need to raise rates soon. others said, not so fast. let's wait for more data, especially on inflation, which remains below the fed's target. but investors, of course, don't have the luxury of waiting. hampton pearson reports tonight from washington on the fed and the mixed >> reporter: when

equity futures, ahead of miss yellin's must-watch speech.would open up a little bit higher want 18 points higher. we're back in a moment. [annncer it forcnature? or aales event? [annncer it forcnature? the summ of audi sales event he. ge t$5,000onus onselect audi de. mthe lubrants thatat make? improvedueec ev thnogy make engines more eicient. wehelping yo mon e e inon te th toand reduce emiio you thought we jue thgas. energy lives h >>> welcome back to "squawk box" on this friday morning. jason trennert from strategist is still here with us. we're awaiting some fed commentary from steve liesman before we get to janet yellin. the vix, i don't want to say is up sharply -- i mean, it's up about 10% this week, to, you know, 13 or so. >> 13 and change, right. one of the things we put out yesterday, i'll just mention is we are getting a little bit worried on a tactical basis on the -- on bonds and bond proxies. there is a series of -- there's been a spate that hasn't been universal of stronger than expected economic news. we've had industrial prod

but if yellin says in her speech that we need a rate hike soon, this market will get hit. if you are in a training mode, be alert that he could hurt but tough talk. problem as always, is that the job growth's excellent, but wages are stagnant, so what's the point of a rate hike other than we fear the phantom of inflation? even as digitation and globalization are permanent wage week, but when i look at the earnings that are coming i'm stunned by how big this week is. we start with best buy, and jm smuckers. we've seen amazing retail numbers. and much of it has to do with the home, appliances and furniture. gadgets aren't really selling. i want to get a read about products they sell, especially i think it's steady as she goes with apple, as we acknowledge that tim cook's been running the company for five years. even if this is a what have you done for me lately market. even though the stock's up 115% with dividends since he took over and valued a 16% since he check that gopro's might be lower. smucker's driven by the intelligent purchase of big heart pet brands, capitalizing

now we're on the eve of yellin's talk in jackson hole. we've had another treat from calling for a roll back in drug prices. but it's certainly a reminder that election seasons and rate hikes could be a witches' brew for the bulls. yes, we can be prepared for halcyon daysun barring an all-out attack by either presidential candidate on the stock market. be mindful that the stock market itself may be a more important conductor to the orchestra that is the u.s. service and retail-based economy than anybody thinks. and i believe the hallmark of the stock market right now is resilience, which bodes well for everything from housing to retail to perhaps even the job market itself. >> caller: yes, jim. in the past, i've heard you recommend the organic food company hane celestial? >> indeed. >> caller: but recently, hain as you know has had accounting issues. the stock has fallen 26%. do you see the stock price decline as a buying opportunity or given the accounting problems would you stay away from hain in. >> i make no exceptions. accounting irre

yellin is going to talk on that. big deal. pfizer is going to acquire med vags. it's a $14 million deal. they want it because they're trying to expand their cancer medicine to cure prostate cancer. >>> there aren't a lot of homes for sale. supply is tight, so people who can't find the home they really love, well, they're sprucing up the one that they're in. as a result of that, basically home construction, remodeling, is approaching the highs we saw in the housing boon back in 2007. there's a lot of money in all of those home repair and remodeling spots and it is driving the real estate market. it's one of the big stories of the day. you're up to date. have a great afternoon, guys. i'll send it back to you. >> you too. thank you. >>> moving to louisiana where governor john bell edds wards has asked president obama to delay his trip now to the water tomorrow. the governor wants to wrap things up and into in into the recovery stage. donald trump was there over the weekend. hillary clinton has yet to visit. 13 people have died in flash flooding there. fema has opene

yellin wide open. bucs finally get the offense clicking, they put yard drive, the score 7-7, winston for the drive, bucs match their own long drive, 6 out of 7, 80 yard drive, strike to allen hearns, bucs heat up, quick pass to mike james 14-all but you know what? they're not done. night, they have to settle for a. field goal. dirk cutter isn't popping that champagne. >> i wouldn't make too many judgments, you're not game planning too much. would we like to start better, absolutely. i mean it's going to be hard to be week, but let's not confuse that with tonight. the couple of penalties i could see or not see. we missed a field goal, i wouldn't call that a slow start, we got to make the damn field >> this is the nfl. >> this is the nfl. he's prayed to make field let's feed him to the sharks! squuuuack, let's feed him to the sharks! yay! and take all of his gold! and take all of his gold! ya! and hide it from the crew! ya...? squuuuack, they're all morons anyway! i never said that. they all smell bad to

chair janet yellin set to speak on the first day of the three-day event. this was a real favorite of bernanke to signal policy changes if he wanted to. that's why we get a bit excited about this. stretch smith ahead of japan morocco asset management joins us. steven, good morning, happy monday. i mentioned bernanke and he tended to use this to signal policy. no one expects the fed to do in september. any surprises. >> i doubt we get a clear indication or surprise at this meeting. from memory one of the interesting thing aboutiacs hole you get a better sense of ecb, scrutinized speeches carefully, communicator and i think he likes to prepare thematic for a change in direction from quite a long way off. >> any indication from him? >> to be honest, the big question is whether ecb is going to think different about the way in which it's stimulating the american economy. but having already made a few key changes to the assets that they are buying recently, i'm not really expecting he's considering anything. >> one ron they have to think differently political ris

as part of the data fed chair janet yellin will be looking at when she decides asked the u.s. economy is strong enough or another interest rate hike, possibly as soon as next month. >>> just in time for labor day, drivers are seeing the highest gas is now $2.22 per gallon. in iowa, prices are up more than 3 cents in the past week bringing the statewide average to $2.28. around quarter, expect to pay about $2.15. >>> fitbit is targeting swimmers with one of its newest devices. the company added this would improve flex added it to its tracker lineup on monday. it's weaker than the previous versions, and you can leave it on for laughs in the pool or well taking a shower. it introduced along with the charge to come to charge eight are. the black-and-white display is four times bigger than the previous model and it can be dressed up or down. >>> the founder of facebook got to meet the pope today. here's the video of them pope a model of aquila... a solar-powered aircraft that facebook hopes will expand internet access in developing countries. justin has your weather to go next...bu

earthquake it is a tough time for central italy back you're in the us federal reserve chairwoman janet yellin speaking out hours ago and she says she sees stronger case for increasing interest rate she did say when it would happen she said it may have benefits committee will meet late next month and in early november but some are speculating that interest rates will budge until the meeting in december because of the election in november they don't want it to his accessible watch ?-ellipsis for now she's hinting that it happens donald trump will be out about november but just barely last-minute on wednesday state republicans realize that the nominees was until monday to submit the names of 10 electors and 10 alternate electors the people who officially cast of minnesota's of votes for president a simple ballot released a thursday morning show third-party candidates but no trump as of thursday afternoon a spokesman for the minnesota secretary of state said they just received the last items of republican ticket would be listed shortly so it's happening mayors and france will not be allowed to ba

keeping an eye on wyoming was some said officials are meeting the looking for anymore signs from janet yellin about a possible interest rate hike peter burns explains. >> despite weak economic growth in the spring the federal reserve thinks the economy is actually getting stronger so now it's saying get ready for a slight boost in interest rates as soon on car loans home equity loans some mortgages in business funds the commerce department reported friday the economy grew at just 1.1 percent in the second quarter but some said officials meeting in wyoming for an annual conference downplay the number saying it was weakened by companies are temporarily investing less in their inventories of products and that healthy consumer spending look at real final sale pc a more encouraging picture a picture of a kind of steady moderate growth economy the picture includes a strong job growth in the last two months more than half a million new jobs and unemployment at 4.9 percent and slightly higher inflation that comes with a better economy but which the fed was to keep under control a small hike in the fe

one thing that chair yellin has said is that fed policy will be data dependent.s to come in good but it's an issue, is it good enough to make the next move? a significant number of business economists are saying that now we need to start moving forward. one of the findings of our that policy has become too stimulative. francine: congratulations on your survey because it makes for a good read. also, i think i need a radical pause but i know how to put cincinnati on the map, which is a londoner is no small feat. you're an economist, you understand this stuff better than most. is there one thing that just does not really fit with what we are being told and what we're seeing in the numbers? dr. henry: i would say there are many things. one that does truly stand out, -- soss economists pro-trade and pro-immigration and we're not hearing that in the political ecosphere. what we are hearing is let's stop immigration, pull back on trade. 80% of surveyed respondents know we need to have higher skilled immigration come and help our economy. that is the basis of what makes

janet yellin spoke about the economy today and was bullish. the s&p about 7 1/2 points, the nasdaq down 11. >> a warning from apple this morning. >> apple is issuing what they call a critical patch after a security company here in san francisco find a issue. you will want to fix this issue. you probably already know how to do this. if you don't, you go to your settings icon, general, download the new software and accept it. >>> i told you about a new court case, vergara verse california keeps incompetent teachers from working. it comes from gary welch. teachers are very angry. they are saying things like this. >>> here is his reaction. >> i'm a citizen of the state and i'm an american citizen. i have as much as stake in the education of our inner city and low income children as anybody other than their direct parents. >> so you can see that after "meet the press" sunday morning at 9:00 a.m. back to you. >> always watching. >> beating voters to the punch, trying to enact a new minimum wage ordinance. city council members fear that it may create

today fed chairman janet yellin says strong job growth and consumer spending says it may be time forely to come before the election in november. they reduced interest rates to near zero in december, 2008. that is after the economy had a steep recession. low interest rates make it easier for businesses to borrow money, hire workers, and is a key reason between the stock market's rally. turning now to our money lead, at least at some point this weekend you may find yourself ordering an uber. i know i will. it is more popular than ever, but the most valuable privately held company is not very profitable. in fact, they are hemorrhaging cash. more than $1 billion in losses just this year. alison, how do you explain, they're all over the place but not making money? >> they're private, they don't have to open their books, but uber's head of finance told investors they lost $520 million in the first quarter, $750 million in the second quarter. that equals over a billion dollars. so why? apparently the subsidies they were paying their drivers in china were a huge money pit. they were trying t

. >>> while investors wait to see what janet yellin has to say about the fed and monetary policy, not a lot of movement on the markets so far today, but what movement there has been has been down. the dow dropped 40 points, the s&p about 3. >> progress this morning about the high prices for the epi pen. >> scott mcgrew, the price is coming down. >> yeah, in a manner of speaking. they announced they would offer a $300 coupon to some families. that brings it down to $300 from the $600 price. they have increased the price of the drug 400% even though the pen and the medicine has not changed. they asked why the price was so high, and if they're going to offer a coupon, why not just drop the price. >> no one is more frustrated than me. >> you're raising the price, how can you be frustrated? >> there is a system, i laid out there are four or five hands that the product touches and companies that it goes through before it ever gets to that patient at the counter. >> to be honest with you, that reporter never got a solid answer on why the price went up. one thing to keep in mind about pharmac

our fee about your job, there is a grown man who spent fuleven minutes yellin aut me and a p ja onlevision. les sad lsen the r. what does opening pickles even prove? i have to imagine one of perks of being president is you never to have open pickles again. probablyot to after studying theideo evidence, the tape, alex moved the physical part of his investigation. >> i'm going to show you again. can we zoom in tohow peopl wh?d did. she claims she went around. she does this whole fake like she's straining. let me cpa hlary clinton al quick. give m shot. i' making a bernie sanderssound. and then it comesoff. they don't come off like -- [ groaning ] like that. they come off with pressure. >> jimmy: what the hell is going on here? i mean, seriously. [ apause ] there are people in the pickle industry who won't devote this much time and energy to talking about pickles. i of time before the jar gets subpoenaed. and i asked if they had any video of the pickle jar backstage. this might shed some light on the situation. >> are you sleeping? >> no, no. >> i need you to do me a favor. very important. hi

. >> federal reserve chief, j yellin is getting closer to raising interest rates. she says the rate height has strengthened in recent months. she was vague on the timing of this. some analysts say the feds will wait until december to raise rates. >> amazon getting into the car business. it revealed a new search engine on its went. it lets you look for car parts and accessories, but they're not selling cars, at least not yet. high tech fashion that could stp impulse shopping. >> what? >> the i-bag two is designed to stop you from spending money. you can program the bag to lock. when the gps senses you're in a place where you tend to shop and spend the most money. >> the bag even flashes and vibrates when you take out your wallet. wow. what, it's going to shame you into not spending money. >> my husband will want me to have that for sure. >> just keep me away from >> how much is it, that's the thing. >> it might cost a lot. >> cost a lot for you. >> might be worth it. >> it will pay for itself in the end. you know, that's how they say i. >> all right. beautiful night

walsh doesn't mind the pra still began -- brazilians lo s yellin. these ladies are the ones to beat. we're talking about team usa women's water poll low ladies. they appear unstoppable. so perfect 3-0 preliminaries. now they move on. they're lead by maggie steadman. they take on brazil, which is going to be crazy in the quarter finals. >>> making a splash east bay and stanford maria corp. leyva and anita alvarez advance in their duet in synchro. now they do their tech know synchro judging. th also, in the pool we have christian openson from the east bay. he's going to in the three meter diving pool. he has bronze medal in this. his parents own a pizza place. it will be one big party there. usain made $32 million last year and forbes magazine said he ran 174 seconds. he made $120,000 a second. >> wow. >> it counts to run fast when you're usain bolt. time is money. you know. >> no kidding. he's on fire. thank you so much. >>> jess mentioned a lot of olympics players that go out to party after winning their gold, but a dangerous situation erupted in ri

yellin's speech, like josh is saying. looked at the excel, gld tlt. shehawg hawkish. she did. they moved and basically negative. up 1% across the board, these three, and now gone back to where they were before. >> bottom line to that is -- >> bottom line to that is -- >> same as we were before she started talking today? >> yes. >> nothing changed? but the market doesn't believe anything's going to happen until at least december or 2017. >> by the way, in a range in the s&p. 2147 by 2193 for the last 32 sessions. that's basically the middle of july, and you have to go back to early june to find a week where the s&p lost more than 1%. we're in a stasis here. and today's remarks really didn't change that dynamic at all. >> bring in paul crepe, founder of investment research view from the peak thinking now is the time to reposition your port follow your before a fed-induced correction. paul, good to see you. >> good to be here. >> almost like people want to see a rate hike actually happen before they will actually believe it's coming down the pike. >> doesn't matter, because jon m

the result, markets that don't quite know what to make of janet yellin's fed. >>> cautionary tale.s.e.c. suspends trading in a $35 billion company that swims with the penny stock sharks. it's got no revenue, a really funky name, and an advisory board an so why didn't the s.e.c. act sooner and how can you protect yourself? >>> hot wheels. the unlikely automaker that's growg sales twice as fast as the industry

the result, markets that don't quite know what to make of janet yellin's fed. >>> cautionary tale. the s.e.c. suspends trading in a $35 billion company that swims with the penny stock sharks. it's got no revenue, a really funky name, and an advisory board an so why didn't the s.e.c. act sooner and how can you protect yourself? >>> hot wheels. the unlikely automaker that's growg sales twice as fast as the industry

and at a speech at the conference, fed chair janet yellin said, quote, in light of the solid performance of the labor market and our outlook for economic activity and inflation, i believe the case for an increase in the federal funds rate has strengthened in recent months. but critics say the fed should wait until the job market is even stronger. >> if you decide we're at maximum employment now, and you intentionally slow down the economy, you'll be leaving us behind, pulling up the ladder right after you climbed it. >> now, some analysts question whether the fed would actually raise rates before the election. it has its next policy meeting in september, and it has another one in november, a week before the election. so it could delay a rate increase until its meeting in december, or even later. but the fed says it sets rates based on data, not politics. bret? >> peter barnes live in wyoming. peter, thank you ppt. >>> here are the numbers from wall street today. the dow was down 53. the s&p 500 lost three, the nasdaq gained 7. for the week, the dow lost 8/10 of a percentage point. the s&

investors are listening to fed chairman janet yellin speaking at an economy conference this morning andpositively, optimistic about the future of the economy and the condition of the economy right now and gave no hint about an interest rate hike. so that has been good news for the big board. let's take a look at the opening bell that rang about two hours ago. gasia, you will be happy to know women's equality day today. congresswoman working very hard to get equal pay. across the board, there have been a lot of equal jobs with women getting paid less. they are fighting for that. let's check the numbers right now. most of the numbers have been up. the dow turning down a little bit. a quarter percent, $37, but the nasdaq is still hanging on to some gains. we'll keep watching that. we'll have mo about ryan lochte. one company still wants his endorsement. the cough drop company pine brothers signed him to a deal to appear in television commercials and print ad. the company issued a statement significant that everyone deserve as second chance. this comes after lochte admitted to making up the

a lot of people pointing to jackson hole speech by janet yellin late next week that might be one of thosee comes together and says do we have to rethink. calm markets surprising, everyone geared up for higher volatility, everyone buying low volatility stocks because they were afraid of broader market erratic behavior that hasn't happen. that's always the way it is, right? as soon as we're expecting nasty stuff it doesn't happen. i don't think, though, it means you have to run away for the rest of the summer. >> mike, we've had a lot of discussions, and you were around for a lot of them. people -- two years ago people were more bullish than they are now, like three, four months ago. i kept saying if you've had 18 months of a rolling direction, where you've been able to sort of build a base, why are you less bullish now after treading water for two years? they talk uncertainty and this and that and valuation. >> there you go, valuation. >> all the sale side people are wrong when they are in the same camp. you could almost feel this was going to go higher. >> i don't think you could say ever

. >> what you should take away from yellin's speech and how you should be playing the markets as thestarts to wind down. that's straight ahead. >>> brug pricing fallout. could the controversy surrounding mylan's epipen spell over to big pharma and other drugmakers. is government regulation to blame. we tackled the sector and find out if the blame game will continue. >>> top players, celebrities and businessmen coming together to support a great cause. grand slam winner gary player will join us himself as the second hour of "squawk box" begins right now. ♪ i'm all right nobody worried about me ♪ >> announcer: live from the beating heart of business, new york city, this is "squawk box." >> welcome back to "squawk box" on cnbc, first in business worldwide. futures this hour flat after what was supposed to be a momentous day friday. a little volatility. at least the dow moved around a little. >> couple hundred points. >> entire month or something. when it was all said and done, it was down like 50. check out europe. europe was in the red on my way in when i looked at it. almost a point o